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Magnolia Manor

325 Ash Street, New Westminster

SOLD $5,750,000

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Price $6,150,000

Property type Apartment building

Units 27

Storeys 3

Year built 1967

Lot size 157.5’ × 132’ (20,790 SF)

Zoning RM-2 Multiple Dwelling Districts

Price per unit $227,778

Cap rate 2.7%

Gross income multiplier 21.2

Parking 26

PID 003-721-060, 003-721-078, 003-721-094

Legal description Lots 2–4 of Lot 34 Suburban Block 6 Plan 2620

Sale price $5,750,000

Sale date 02/12/2020

Overview

Magnolia Manor is a 27-suite three-storey rental apartment building located in New Westminster. Built in 1970 and improved on a large ~21,000 SF lot, the property has undergone a series of capital upgrades and features, balconies/patios, elevator service, 2 sets of washers/dryers (owned) and 26 surface parking stalls (10 covered).

Upgrades

Elevator upgraded with new hydraulics (~2016)
New furnace (~2014)
2 hot water tanks (~2014)
New hallway carpets (~2014)
Balconies – all rebuilt (~2013)
2 floor re-piped for hot/cold lines, and some piping on 1^st floor (~2012)
New roof (~2011)
Newer fire panel in lobby
Building on fuses
50% of the suites have features updates as needed on turnover
Single pane windows

Location

Magnolia Manor is centrally located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the north side of Ash Street between 3rd and 4th Ave, the property is only three blocks from Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, BC Transit and Skytrain are also in close proximity.

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	No. units	Average size
Bachelor	No. units3	Average rent$709
1 bedroom	No. units15	Average rent$849
2 bedroom	No. units9	Average rent$985

Financials

Financing	Treat as clear title.
Assessment 2019	Land Building Total	Land$3,326,000 Building$3,146,000 Total$6,472,000
Taxes 2019	$25,438
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$291,696 Vacancy(1,458) Effective gross$290,238 Operating expenses(123,096) Net operating income$167,141
Notes	For current rent roll and expense statement, please click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.